Oyebanji: I’m Worried by Massive Rainstorm Disaster in Ekiti

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March 28, 2025
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Gbenga Sodeinde in Ado Ekiti

The Ekiti State Governor, Biodun Oyebanji, has lamented increasing spate of rainstorm causing colossal destruction of buildings and electrical facilities in the state and rendering hundreds of citizens homeless as well as throwing them into perpetual darkness.

Oyebanji stated these, while inspecting some buildings that were destroyed by rainstorm in Oye, Ayede and Ilupeju Ekiti in Oye Local Government Area, where over 300 rooftops were blown off, during a stormy downpour that wreaked havocs last Tuesday’s evening.

The governor was accompanied to the towns by the officials of National Emergency Management Agency (NEMA) and Ekiti State Emergency Management Agency ( EKSEMA)

Oyebanji, represented by the Deputy Governor, Chief Monisade Afuye, sympathised with the victims, saying the government of Governor Biodun Oyebanji won’t abandon them to suffer.

Commenting on the massive disaster, the governor said he had earlier visited Ipoti, Odo- Owa, Igbemo, Iyin, Ifaki , Ilawe and other affected towns for similar reasons, which heightened the impression that the disaster was becoming a recurrent decimal tormenting the populace.

Oyebanji lamented how the rainstorm had pulled down electricity facilities, with residents having no hope of power supply in time soon, describing this as a serious impediment to the growth of local economy.

“I am worried with the increasing level of rainstorm and destruction of buildings in our towns in recent time. Most worrisome to me was the rate at which people were being rendered homeless. I am not happy about this.

“As I always said, let us exercise maintenance culture on our buildings before the start of any rainy season. This will go a long way in preventing our buildings from being affected, because when you change the old planks and corrugated sheets, this will help in resisting the storm.

“Planting of trees around residential areas is also a way of preventing this kind of occurrence. The government has been sensitising the people on this and we expect that they must key into this kind of preventive measures.

“Whatever happens, we are not going to abandon our people to suffer. The government will come for the enumeration of affected buildings and give the needed support where necessary,” he stated.

Expressing discontentment over the incidence, the Apeju of Ilupeju Ekiti, Oba David Akingbade, who appreciated the visit, as well as others, called on the government to come to the aid of those affected by the tornado, so that they can rebuild their structures timely.

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April 3, 2025
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Targeting Education, Nutrition, Economic Resilience, W’Bank Approves New $1.08bn

•FG, Japan launch strategic venture capital initiative for youth

•Nigeria, UNIDO sign $175m pact for industrial growth, jobs, economic transformation

•Senate: New Investment & Security Act to propel Tinubu’s $1trn economy

•Says legislation will end ponzi scheme

Ndubuisi Francis, James Emejo, Sunday Aborisade in Abuja and Nume Ekeghe in Lagos

The World Bank has approved three operations in Nigeria, totaling $1.08 billion in concessional financing, to enhance education quality, build household and community resilience, as well as improve nutrition for underserved groups.

This comes as Nigeria and Japan launched a strategic venture capital initiative that would channel naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

Also, the federal government and the United Nations Industrial Development Organisation (UNIDO), yesterday signed a $175 million Programme for Country Partnership (PCP) agreement to aid industrial development, create jobs and drive economic transformation.

The Senate yesterday said the Repeal and Reenactment of the Investment and Securities Act (ISA) 2025 has set the stage for the $1 trillion economy proposed by the administration of President Bola Tinubu.

The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, who also sponsored the bill for the enactment of the ISA, said this in an interview with journalists in Abuja.

For the ISA, Tinubu had said during his 2023 presidential campaign that he was aiming at a $1 trillion GDP for the country by 2030.

The World Bank said the approved facility included $500 million in additional financing for the NIGERIA: Community Action for Resilience and Economic Stimulus (NG-CARES) Program; $80 million for Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and $500 million for Hope for Quality Basic Education for All (HOPE-EDU).

It noted that the NG-CARES Program will support the Nigerian government in expanding access to livelihood support, food security services, and grants for poor and vulnerable households and communities.

According to the Bretton Woods institution, financing for ANRIN aims to increase the utilisation of quality and cost-effective nutrition services for pregnant women and lactating mothers, adolescent girls, and children under five in select areas.

“The new financing for HOPE-EDU will focus on improving foundational learning, access to basic education, and strengthening education systems in the participating states,” the Bank said.

Initially designed to respond to the COVID-19 pandemic, the NG-CARES Program-for-Results (PforR) operation, which has reached over 15 million direct beneficiaries, has evolved into a shock-responsive platform providing multi-sectoral interventions for the poor and vulnerable.

Implemented at the subnational level across all 36 states and the Federal Capital Territory, the programme stimulates the local economy through social transfers, labour-intensive public works, livelihood grants, basic community services, agriculture and food security interventions, and support to micro and small enterprises.

“The additional financing will strengthen the program’s extensive reach and positive impact, underscoring the need for continued support in the face of economic hardships, including those from the 2023 fuel subsidy reforms and foreign exchange rate unification.

“Aligned with Nigeria’s National Development Plan (2021-2025), the Multisectoral Plan of Action for Food and Nutrition (2021-2025), and the Nutrition-774 initiative, ANRiN 2.0 offers an evidence-based, multisectoral approach to combatting malnutrition and food insecurity, focusing on maternal and child health, integrated nutrition services, and household food security.

“The program will increase utilisation of preventive and curative nutrition services, improve maternal and young child feeding practices and dietary diversity, increase access to micronutrient rich foods and provide essential nutritional support to vulnerable populations, mitigating the immediate risks of malnutrition and food insecurity.

“The initial ANRIN program reached over 13 million children under five with nutrition services between 2018 and 2024.

“HOPE-EDU is part of a series of three interrelated operations, alongside HOPE-Governance and HOPE-Primary Health Care.

“It aligns with the country’s Universal Basic Education program objectives and strategies. HOPE-EDU will support structured pedagogy approaches to foundational literacy and numeracy, create learning opportunities where school overcrowding impedes participation, and adopt decentralised allocation and management of Universal Basic Education Intervention Funds, school management, and system information.

The Program is expected to directly benefit 29 million children enrolled in public primary schools, 500,000 public primary teachers, and more than 65,000 public primary schools and their School-Based Management Committees.

“The Program will also receive co-financing in the amount of US$52.18 million from the Global Partnership for Education Fund,” the multilateral development institution stated.

Commenting on the approval, the World Bank Country Director for Nigeria, Dr. Ndiamé Diop said: “Investing in human capital is critical for Nigeria as it offers the best opportunity to unlock the enormous potential of Nigeria. These new set of programs will help Nigeria to accelerate education quality and support to vulnerable citizens.

“The HOPE-EDU program will enable better education outcomes by implementing bold reforms and making the right investments to equip the fast-growing young population with foundational skills and knowledge necessary for rapid and inclusive economic growth.

. “Nutrition interventions from ANRIN will enhance household access to micronutrient rich foods and nutrition services at primary healthcare level, improve dietary diversity, and provide essential nutritional support to vulnerable populations, mitigating the immediate risks of malnutrition and food insecurity.

“The NG-CARES additional financing will support the Nigerian government in transitioning from responding to and recovering from the COVID-19 crisis to building household and community resilience.”

Meanwhile, Nigeria and Japan have launched a strategic venture capital initiative that will channel naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) yesterday, to finalise the framework of the fund, which has now received formal approval from the Japanese government.

The Ministry of Finance confirmed the development via a statement issued by the Director, Information and Public Relations, Mohammed Manga.

The NSIA CEO, Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by Edun: mitigating foreign exchange volatility by investing in naira and securing first-loss or grant capital to de-risk private investment.

Umar-Sadiq stated that, “with JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative.” Umar-Sadiq added.

JICA Director General, Takao Shimokawa announced that diplomatic agreements would be signed within weeks, with full implementation expected thereafter.

Edun welcomed the development, describing it as a timely response to Nigeria’s youthful demography.

“This fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth,” he stated.

FG, UNIDO Sign $175m Pact to Boost Industrial Growth, Jobs, Economic Transformation

The federal government and UNIDO, yesterday signed a $175 million PCP agreement to aid industrial development, create jobs and drive economic transformation.

The Minister of Budget and Economic Planning (BEP) Senator Abubakar Bagudu who signed on behalf of the federal government, said the four-year partnership, 2024-2028, marked a milestone in the government’s and UNIDO’s efforts to strengthen industrial growth, create jobs and drive economic transformation.

He said the initiative aims to enhance Nigeria’s industrial capacity, drive technological innovation, and promote environmentally sustainable industrial practices.

The minister pointed out that the programme, would also provide economic opportunities that would impact Nigerians, particularly youths and marginalised groups.

Bagudu explained that the PCP has a funding strategy of 85.7 percent or about $150 million from donor/partners mobilised by UNIDO.

On the other hand, the federal government provides counterpart funding of 14.3 per cent or about $25 million.

The minister further disclosed that Nigeria has so far made a financial commitment of $1.28 million as payment to UNIDO.

He urged all stakeholders including development partners, private sector and civil society to work collaboratively to ensure a seamless implementation of the programme.

In a statement by the ministry’s Director Information and Public Relations, Osagie Jacobs, the minister commended UNIDO for its steadfast partnership and unwavering support for Nigeria’s industrial agenda.

In his remarks, Minister of State for Industry, Senator John Owan Enoh, expressed hope that UNIDO would serve as a technical and strategic partner in driving the Industrial Revolution Work Group (IRWG).

Enoh also urged the stakeholders to, “Let us move together from potential to productivity, from agreement to execution, from policy to prosperity” as PCP is implemented.

The Director General of UNIDO Mr. Gerd Muller, stated that UNIDO has the mandate of ensuring industrial development of member states through the PCP, stressing the pursuit of Goal 9 as its core aspiration.

He said Nigeria has the potential to be the economic powerhouse in Africa.

The PCP focuses on a select number of priority areas essential to the government’s industrial development agenda, particularly job creation, availability of raw materials, export potential and ability to attract investments.

The Permanent Secretary Ministry of Budget and Economic Planning Dr. Emeka Vitalis Obi, noted that the series of engagements between the Federal Ministry of Budget and Economic Planning, Federal Ministry of Industry, Trade and Investments (FMITI) and UNIDO, had solidified government’s commitment to laying a firm foundation for the take-off of PCP in the country.

President of Manufacturers Association of Nigeria (MAN), Francis Meshionye, who spoke on behalf of the private sector, hoped that manufacturers in the country will access funding from the programme.

He pledged MAN’s support in achieving key pillars of the country programme. He prayed for more impactful projects that will improve the manufacturing sector in the country.

Senate: New Investment & Security Act to Propel Tinubu’s $1trn Economy

Commenting further on the ISA 2025, Izunaso said the bill, which was assented to last week by Tinubu would end all forms of Ponzi schemes in Nigeria but grow the digital assets as well as cryptocurrency

He explained, “The Investment and Securities Act that has just been signed by Mr. President is a holistic enactment because we repealed the 2007 ISA and re-enacted it in 2025, with the aim of resetting the entire investment and securities law in Nigeria.

“With what we have done, for the first time in the history of Nigeria, the digital assets as well as cryptocurrency has now been recognised as a form of security in Nigeria.

“This means that people can now trade with digital assets, people can now do cryptocurrency and it will be properly regulated by Security and Exchange Commission.

“What it means is that the virtual asset services providers as well as the digital asset operators are today under the purview of SEC.”

Izunaso said Nigeria was about the second or the third globally in terms of cryptocurrency and that a lot of money had passed through the country without it being regulated.

He said, “Today, Mr. President is talking about $1 trillion economy. By signing this Act into law, it means that Nigeria is set for that $1 trillion economy.

“If we want to achieve the $1 trillion economy that Mr. President is envisaging, we must promote both the money market and the capital market. So, today, the capital market has been reset for that purpose.

“I would also like to make it clear that the days of Ponzi, insider trading and market manipulations are over in Nigeria.

“Today, if you are caught in a Ponzi market arrangement, you risk going to jail for 10 years and also pay a fine of between N20 million to N40 million and all the money that you took from people will also be recovered from you.

“Today, we have classified exchanges into two. You now have composite exchange and non-composite.

“Composite means that you can do multiple trading while non-composite is about single security trading. So the whole idea is to enhance proper market regulation and also mitigate risk.

“So this new law is now promoting investors’ confidence, repositioning Nigeria because hitherto, the ISA of 2007, was not in compliance with the International Organisation for Securities Commissions.

“Today, the new law is now arranged in a manner that is now consistent with IOSCO standards and regulations.”

He added: “So you can trade anywhere now in Nigeria internationally, taking it from records known, not the records that are not known as we were doing it before. So there are so many areas.

“Today, we are making it more transparent for you to operate in the capital market.”

The Senator also added that the with the new law, the sub-nationals can now approach the capital market for long-term loans to finance their projects.

He added, “With the new law, states and local governments can approach capital market for long-term funding.

“Instead of relying on federation accounts and commercial borrowing, states and the 774 LGAs can now go to capital market for long-term funding for the projects.”

For now, he said only the Lagos Island Local Government Area has approach the capital market to secure loans to fund their projects

•FG, Japan launch strategic venture capital initiative for youth •Nigeria, UNIDO sign $175m pact for industrial growth, jobs, economic transformation •Senate: New Investment & Security Act to propel Tinubu’s $1trn

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April 3, 2025
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Stakeholders, JP Morgan’s Analysts Hail Leadership Change at NNPCL, Say Its New Dawn

•Task Ojulari-led company to complete IPO, sustain production growth, boost investor confidence, others

•Hail Tinubu for selecting a ‘surgical team’ to transform company

Peter Uzoho and Dike Onwuamaeze

Yesterday’s dissolution of the board of the Nigerian National Petroleum Company Limited (NNPCL) by President Bola Tinubu and immediately filling it with seasoned oil and gas professionals led by Ahmed Musa Kida and Bayo Ojulari as Non-executive chairman and Group Chief Executive Officer, respectively, has gotten the endorsement of JP Morgan’s Africa Emerging Markets Research team and has thrown local industry stakeholders into an unprecedented jubilation and excitement.

The new board as reported yesterday in THISDAY, included the GCEO, Bayo Bashir Ojulari, an ex- Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo)/Chief Operating Officer of Renaissance Africa Energy Company Limited – the new owners of Shell’s onshore business in Nigeria.

The leadership change that led to the exit of Mele Kyari and Chief Pius Akinyelure as GCEO and Chairman, respectively, brought in Musa Kida, an ex Deputy Managing Director of TotalEnergies as new Chairman of the national oil company.

Other members of the new board are Bello Rabiu – ex NNPC Group Executive Director (GED) for Upstream; Yusuf Usman, ex-NNPC GED for Gas & Power; Babs Omotowa – ex-Managing Director of the Nigeria Liquefied Natural Gas Limited (NLNG); David Ige, ex-NNPC GED for Gas & Power; Austin Avuru, Executive Chairman of AA Holdings Limited and founding Chief Executive Officer of Seplat Energy Plc; and Henry Obih, ex-NNPC GED for Downstream.

Expressing their thoughts on the development, JP Morgan’s analysts noted that the recent change in NNPCL management was a big step forward in the overall oil sector reform agenda.

“We have previously written about the visible benefits of privatising Nigeria’s downstream refined oil sector (see here). However, we believe a private sector-led NNPC would complement other oil reform efforts (e.g enacting the Petroleum Industry Act and removal of oil subsidies).

“While it may not result in a sharp increase in oil production in the near term, it should result in improved transparency and better flow of oil dollars to the government.

For now, the current account surplus remains large, US$17.5 billion last year, yet negative errors also remain large and limit the extent of FX reserve accumulation.

“The next catalyst is new NNPC FX financing arrangements, which should boost FX liquidity in the near term. Media reports suggest NNPC is in the final stages of agreeing another medium-term FX financing arrangement, collateralized with future oil output.

“If these arrangements are finalised in the coming months, the NNPC could have up to US$9.5 billion in new financing, which could be used to clear arrears owed for petrol imports and potentially contribute to FX reserve rebuilding. However, while this financing arrangement had appeared imminent a few weeks ago, it is unclear what impact the change in management at the NNPC would have on its timing,” they added.

Also, some of the industry stakeholders, who spoke exclusively to THISDAY, including operators, contractors, oil service companies, explorationists and downstream players commended Tinubu for selecting and appointing some of the best constellation of seasoned professionals technocrats to lead NNPCL at this time.

They described the appointment as a new dawn and a game changer for the Nigerian oil and gas industry as well as a positive signal to international investors watching and waiting for the right time to come and invest in the country.

The stakeholders urged the Ojulari-led NNPC management team and the board to expedite action towards completing the planned Initial Public Offer (IPO) of the company.

They also urged the new team to sustain the current tempo in oil and gas production growth, boost investor confidence in the company and the industry and enhance the transparency and competitiveness of NNPC.

They equally commended the president for appointing a competent surgical team to clean up the abnormalities in NNPC and make it to function properly as a fully commercial, profit-oriented and globally competitive oil company with best operating standards.

In its remarks on the new appointment,

the Petroleum Contractors Trade Section (PCTS) in a note sent to THISDAY by its Chairman, Rosario Osobase, said the group “warmly welcomes the reconstitution of the Board of the Nigerian National Petroleum Company Limited (NNPCL) and the appointment of Engr. Bashir Bayo Ojulari as Group Chief Executive Officer.”

It said this well-curated leadership team, composed of seasoned industry professionals, underscores Tinubu’s commitment to revitalising Nigeria’s oil and gas sector for sustained growth and global competitiveness.

While extending their heartfelt congratulations to the newly appointed board members, PCTS noted that with such a brilliant lineup of expertise, the board stands on the precipice of history with the tremendous opportunity to tap into their wealth of industry knowledge available to transform NNPCL into a globally competitive entity, aligning with leading national oil companies globally.

The group added, “We also commend the outgoing board members for their invaluable contributions over the years. Their dedication and service have laid a strong foundation upon which the new board is poised to build, ensuring continuity and progress in the sector.

“Having professionally known the incoming GCEO, Engr. Ojulari during his tenure as Managing Director of SNEPCo, members of the PCTS remain confident in his strategic foresight and leadership capabilities. Under his guidance, NNPCL is well-positioned to optimise its assets and joint venture partnerships, ensuring alignment with the President’s vision to maximise value across the industry.

“For the continued success of NNPCL, the establishment of a strong, inclusive and transparent governance framework remains critical. A well-balanced board that embraces a diverse range of perspectives and expertise will provide the necessary foundation for the company’s long-term resilience and success in a dynamic global market.

“As a stakeholder in the sector, PCTS remains committed to supporting the ongoing transformative efforts of His Excellency and looks forward to collaborating with NNPCL and other stakeholders to advance Nigeria’s energy sector.”

Reacting to the development, the Nigerian Association of Petroleum Explorationists (NAPE) expressed its profound appreciation to President Tinubu for the recent appointment of a new board and management team for the NNPCL.

In a statement signed by its President, Mr. Johnbosco Uche, NAPE commended the president for taking this bold step towards repositioning the oil and gas industry for greater efficiency, transparency, and profitability.

The statement read in part, “The appointment of Bayo Bashir Ojulari as the new Group CEO, alongside Ahmadu Musa Kida as Non-Executive Chairman, is a testament to the President’s commitment to excellence and his desire to drive growth in the sector.

“NAPE is delighted to observe that the newly appointed board comprises seasoned professionals, including Austin Avuru, a former President of NAPE who has held esteemed top management positions within the oil and gas industry.

“The new board’s mandate to enhance operational efficiency, restore investor confidence, and increase commercial viability aligns with NAPE’s goals and aspirations for the industry. We are confident that the new team will bring the necessary expertise and experience to drive the oil and gas sector forward.

“We also applaud the President’s efforts to ensure that the new board reflects the country’s geopolitical zones, promoting inclusivity and representation. This move demonstrates the President’s commitment to fairness, equity, and national unity.

“Once again, NAPE commends President Tinubu for this laudable achievement and pledges its support for the new NNPC Board and Management Team. We look forward to collaborating with them to achieve the desired growth and development in the oil and gas sector.”

Chairman of the Petroleum Technology Association of Nigeria (PETAN) and Managing Director of Geoplex, Mr. Wole Ogunsanya, commended the choice of the new NNPC board, describing the new GCEO, an an experienced exploration and production engineer, who rose to the level of the Managing Director of SNEPCo.

According to Ogunsanya, Ojulari is coming in to help and continue to drive the increase of production of oil and gas that Nigeria needs to not only meet the Organisation of Petroleum Exporting Countries (OPEC) quota, but to also be able to have enough feedstock supply for the indigenous refineries.

He stated, “You recollect that our production was at 1.2 million barrels per day in 2023. We’ve managed to grow it to 1.8 million bpd. So, we have an experienced person in place now that can continue that growth path.

“And on the board, for the first time that we can recollect in NNPC history, we have a board of seasoned professionals. Virtually everybody on that board is an experienced oil and gas executive in their career -from ex-NNPC executives to private sector, high-level executives coming in.

“The chairman of the board is a former Managing Director of Total. We know the excellent job he did in TotalEnergies over the years before he retired. So, he’s bringing a wealth of experience to help manage the board of NNPC.

“So, it’s a major step in the oil industry. The level of leadership that we have in place is going to give major investor confidence to all stakeholders, both within and outside the country. It speaks volumes that Nigeria oil and gas is ready for business with this combination of management and board that we have in NNPC.”

Also, a former Chairman of PETAN and Managing Director of CB Geophysical Limited, Mr. Bank-Anthony Okoroafor, told THISDAY that the new NNPC team was the best decision that any President of Nigeria has taken in the history of oil and gas in the country.

He said, “We are excited, we are happy. The oil and gas industry because this is the first time we are putting the right people in the right position. The GCEO and the entire board are seasoned industry technocrats who have worked for more than 35-40 years in upstream. It’s the best decision ever taken by a sitting president.

“The new GCEO excelled as the MD of SNEPCo before he retired. He basically structured everything for Renaissance, the company bought Shell’s onshore business. He understands how to grow production. He understands how to manage production. So, he’s seasoned.”

In his remarks in a chat with THISDAY, Managing Partner at ENR Advisory, a specialist law firm focused on the energy and natural resources sectors, Mr. Gbite Adeniji, stated, “Today (yesterday) is Nigeria’s birthday because all of us are celebrating. It’s a strong signal that we’re about to turn into the direction of correctness. The ship is now about to turn for success.

“NNPC, as you know, is in the heart of Nigeria’s economy. So, you see the quality of that board? It’s the best board in any public corporation.

“Just look across it. It’s a constellation of stars, of professionals, who have achieved a lot, who have experience and knowledge of the industry.

“A whole mix of global experience of full understanding of NNPC and the system. And also proves that Nigeria has people in every corner. Nigeria has solid people in every corner.”

Also, the Centre for the Promotion of Private Enterprises (CPPE) described the assemblage of an entirely new board for the NNPC limited as a signal of President Bola Ahmed Tinubu’s administration commitment to chart a new course for the corporation that has stagnated Nigeria’s economic progress.

Commenting on the leadership change at the NNPC, the Chief Executive Officer of CPPE, Dr. Muda Yusuf, said the quality of the governance and management of Nigeria’s oil and gas sector has been the bane of the country’s economic progress over the past few decades, adding that if Nigeria must change the narrative, it must get it right with the governance and management of the NNPC.

Yusuf said: “Recent changes in the NNPC signals the commitment of the present administration to chart a new course.

“The new management team is populated by professionals with proven record of performance in the private sector segment of oil and gas sector. They are, therefore, expected to change the face of the sector.

“We would like to see an NNPC that is comparable to its peers like Saudi Aramco, China National Petroleum Corporation, PETRONAS etc.

“We expect to see a dramatic improvement in corporate governance, better optimisation of oil and gas assets, and PPP investment framework that would drive efficiency, productivity and profitability.

“We would also like to see an end to refineries that have become a huge burden rather than assets on the economy.”

He added that the imperative of fostering the highest standards of corporate governance should be the topmost priority for the incoming board of NNPC.

“The listing of the NNPC Limited on both national and international stock exchanges would reinforce the desired corporate governance standards.

“However, all of these would be difficult to achieve if the political environment does not complement the realisation of this vision.

“It is, therefore, very critical that the independence of the new NNPC is guaranteed with zero tolerance for interference from the political leadership, the National Assembly and the bureaucracy. These are critical success factors,” Yusuf said.

He observed that the country has not been able to leverage its huge oil and gas resources to advance the economic development frontiers as many other oil producing countries have done.

“Our peers as oil producing countries have done much better – United Arab Emirate, Norway, Saudi Arabia, etc. We have largely succeeded in building a huge rent economy around our oil and gas sector,” he said.

•Task Ojulari-led company to complete IPO, sustain production growth, boost investor confidence, others •Hail Tinubu for selecting a ‘surgical team’ to transform company Peter Uzoho and Dike Onwuamaeze Yesterday’s dissolution